Australia markets closed

RBA holds interest rates at 1.75%

The Reserve Bank has held the cash rate at a record low of 1.75 per cent.

RBA governor Glenn Stevens said given weak domestic inflation, the ongoing transition away from mining and recent market volatility following the Brexit vote it was "prudent" to hold rates in July.

"Further information should allow the Board to refine its assessment of the outlook for growth and inflation and to make any adjustment to the stance of policy that may be appropriate," Mr Stevens said in a statement.